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13 Aug 2013
Precious metals tumble towards session lows, retracement or correction?
FXstreet.com (New York) - Precious metals bled off some of yesterday’s gains with both gold and silver in full retreat.
Gold unable to breach 1345.00
Gold prices are attempting to move lower after testing the key resistance at 1345.00, ultimately failing to circumvent this strong upside barrier. This is where spot prices completed a minor double top pattern and broke below the ascending support over the hourly time interval. A retest of the 1318.00 support level is likely. At the time of writing, gold prices are trading at USD $1321.95 per oz. Tuesday.
Silver bearishness risk?
Silver prices extended the move higher towards the key resistance level at the 22.00 area, though ultimately failed to breach the region. Bearish attempts may start from this level and thus it is advised to look for a downside move so long as 22.00 is intact over daily closing basis. The price of silver has now moved to USD $21.36 per oz. during US trading.
Gold unable to breach 1345.00
Gold prices are attempting to move lower after testing the key resistance at 1345.00, ultimately failing to circumvent this strong upside barrier. This is where spot prices completed a minor double top pattern and broke below the ascending support over the hourly time interval. A retest of the 1318.00 support level is likely. At the time of writing, gold prices are trading at USD $1321.95 per oz. Tuesday.
Silver bearishness risk?
Silver prices extended the move higher towards the key resistance level at the 22.00 area, though ultimately failed to breach the region. Bearish attempts may start from this level and thus it is advised to look for a downside move so long as 22.00 is intact over daily closing basis. The price of silver has now moved to USD $21.36 per oz. during US trading.